New offering enables a wide range of new use
cases and cross sell opportunities.
MONTREAL, Nov. 29,
2023 /CNW/ -- Nuvei Corporation ("Nuvei" or the
"Company") (Nasdaq: NVEI) (TSX: NVEI), the Canadian fintech
company, announces today that it has launched its card issuing
solution in 30 markets globally. Nuvei clients can now offer their
customers, employees, or contractors physical and virtual
white-labelled cards.
The company's global acquiring footprint, combined with the
newly launched issuing capability, creates a differentiated value
proposition for both Nuvei and its clients. The combination of
issuing and acquiring capabilities offers revenue accelerating
benefits to customers through same day funding, on-us processing,
interchange optimization, and instant transaction reporting.
The new offering is currently available in 30 markets across the
European Economic Area, with a roll-out to the UK, US and
Latin America planned for
2024.
The new service will offer businesses a variety of use cases,
including:
- Virtual cards for B2B customers to pay suppliers.
- Payment cards for payouts, which has utility for
customers operating in Marketplaces, Insurance, iGaming or the Gig
economy; and
- Wallet-as-a-Service, where Nuvei will manage the entire
end-to-end process and distribution for customers, supporting
specific use cases such as loyalty programs.
There are multiple benefits Nuvei issued cards can bring to
businesses, their employees, and their customers. These
include:
- Working capital efficiency: virtual cards enable
businesses to instantly access and utilize funds collected from
their customers. Once the customer's transactions have been
captured, virtual cards can instantly be issued and used by the
merchant to pay suppliers, employees, or other customers. There is
no need to wait for the funds to settle before making use of them,
hence enhancing working capital. This benefit is useful for
instance, in the case of Online Travel Agents purchasing flights or
hotel tickets on behalf of their customers.
- Improved authorization rates: When merchant branded
cards are used for purchases and Nuvei is both the issuer and
acquirer, transaction approval rates can increase. One use case for
this capability can be seen in the retail sector, when merchants
issue their customers refunds on a virtual or physical card and
those customers use their funds in the same store. If transactions
are acquired through the same payment processor who issued the
card, approval rate improvements will be seen.
- Seamless and cost-effective payouts: virtual and
physical cards are fast and easy to issue. They enable businesses
to push funds out to their customers or workforce at speed, and
often lower cost than traditional payouts to existing cards or
directly into bank accounts. Insurance claims, government
disbursements and gig economy payouts are primary use cases where
card issuing can add value. Because once issued, virtual cards can
be used instantly, anywhere cards are accepted, this proposition
also creates value in areas where businesses or governments must
make payments to parts of the population that are unbanked.
- Increased customer loyalty: merchant issued cards can be
both physical and virtual and are white labeled to the merchant's
brand. This can help increase brand awareness and affinity while
giving merchants an opportunity to reward their customers.
Retailers can use card issuing to process customer refunds for
example, and connect card use to reward schemes designed to improve
customer loyalty.
Nuvei Chair and CEO, Philip Fayer
commented on the announcement: "We're thrilled to launch card
issuing as an additional module to our full stack technology
platform. This solution has practical applications for our clients,
benefiting their customers by improving their own working capital
and simplifying their back-office processing. The launch of our
card issuing solution is another example of our dedication to
finding new ways to accelerate the business of our clients across
the different verticals we operate in, all while growing our own
total addressable market."
About Nuvei
Nuvei (Nasdaq: NVEI) (TSX: NVEI) is the Canadian fintech company
accelerating the business of clients around the world. Nuvei's
modular, flexible and scalable technology allows leading companies
to accept next-gen payments, offer all payout options and benefit
from card issuing, banking, risk and fraud management
services. Connecting businesses to their customers in more than 200
markets, with local acquiring in 47+ markets, 150 currencies and
669 alternative payment methods, Nuvei provides the technology and
insights for customers and partners to succeed locally and globally
with one integration.
For more information, visit www.nuvei.com
NVEI-IR
Contact:
Public Relations
alexandra.bucur@nuvei.com
Investor Relations
IR@nuvei.com
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SOURCE Nuvei